Grizz Postgame

[La Bomba]

Minority partners' share drops

 

Grizzlies owner Michael Heisley recently made a capital call on his local minority-share partners as a way to convert more debt into equity.

 

The local owners refused to meet the call -- just as they did on a previous call in March 2008 -- and as a result their ownership share has again dropped. It fell from 30 percent to 5.8 in 2008, and now is below 3.

 

Forbes magazine noted Heisley's strained relationship with the limited partners in a story this week accompanying the magazine's annual valuations of the NBA teams.

 

The Griz ranked 29th, or next to last, with an estimated value of $257 million -- a 13-percent decline over the past year. Forbes, however, is impressed with Heisley's operation of the team -- placing him 10th in its ranking of Top 10 NBA owners.

 

The magazine said Heisley has "made steady progress growing the Grizzlies' business despite playing in one of the league's smallest and poorest markets."

 

However, Staley Cates, a Grizzlies limited partner, remains underwhelmed and told Forbes that Memphis can support an NBA championship team just as well as San Antonio does.

 

"They just do things right, and we don't," Cates said.

 

Odds and ends

 

The Grizzlies are attempting to sign former Houston Rockets guard Von Wafer in an effort to improve their perimeter shooting, particularly from beyond the 3-point arc.

 

Wafer will join the Grizzlies next week if certain dominos fall as expected

 

Wafer, a 6-5 Florida State alum, first needs to complete a divorce with his current team, Olympiakos. The Greek club reportedly has Wafer under contract for $2 million but hasn't played him over the past few games.

 

According to a report on the Internet, Olympiakos announced it had released Wafer late Friday. Wafer still needs a letter of clearance from FIBA before he could sign with the Grizzlies.

 

Wafer last played in the NBA with the Rockets during the 2008-09 season, when he averaged 9.7 points on 44.7-percent shooting. He connected on 39 percent of his 3-point attempts.

 

Wafer has also played for the Los Angeles Lakers and Clippers, Denver and Portland during a four-year career that began in 2005.

 

http://www.commercialappeal.com/news/2009/dec/11/grizzlies-trying-sign-former-houston-guard-von-waf/

 

Hiesley is pathetic. He's a cheapest owner in the NBA and is only ruining Memphis's chances to keep the team. Leave the team Hiesley.

 

I would like to sign Von Waffer. The Grizzlies are one of the worst shooting teams in the league, if not the worst. We could really use a shooter.